Phantom Swap Review: Fees, Safety and Availability by Country

A Phantom swap trades one token in your wallet for another, and you pay Phantom swap fees plus a network fee for it. Phantom's terms say it is not a custodian of your wallet, and Phantom says a swap that is processed on the blockchain is final. Before you confirm, check that the token is the real one, because anyone can create a fake token with a real name.

What a Phantom swap is and who runs it

As of October 2026, Phantom's terms of use (opens in a new tab) name Phantom Technologies, Inc. as the company behind the wallet and say Phantom is not a custodian of your wallet or the assets in it. The coins stay in your wallet, so a swap works with tokens you already hold there. For setup and the swap screens, use Phantom's guide to swapping (opens in a new tab) and the rest of its help center.

Phantom's help pages describe identity checks run by Link (opens in a new tab) for Cash features, such as bank transfers and the debit card, which Phantom offers in the US except New York. The pages we read list none for swaps.

Phantom swaps against the eight checks

As of October 2026: "Documented" means Phantom, a regulator or a news report publishes the answer. It is not a score. The checks come from how to choose a crypto exchange, read for a wallet swap feature.

Phantom wallet swap fees: what you pay

As of October 2026, Phantom's swap article (opens in a new tab) lists a Phantom fee of 0.85% on most swaps. Phantom's terms (opens in a new tab) say rates shown in the app are calculated with fees applied, so the quote should already include it. Some flows carry no Phantom fee, such as deposits to your perps balance and swaps from USDC, USDT, USDG or PYUSD into your Cash account. Phantom's list does not mention other stablecoin swaps, so check the fee line before you confirm.

• Network fee: Phantom says (opens in a new tab) this pays for processing the transaction and that Phantom does not receive it. See Solana network fees. For ETH swaps, see Ethereum gas fees.
• Gasless swaps on Solana are not free: Phantom deducts a flat fee from the token you use. They need a swap of at least a small minimum Phantom sets in US dollar value and a verified token to receive. They do not work with a manual priority fee (tip) or exact output, where you type the amount you want to receive.
• Gasless swaps on EVM networks still incur network fees, which Phantom either sponsors or collects in another token.
• Cross-chain swaps: the bridge provider's charge appears in the network fee line in the Buy/Sell flow on mobile, and the Trade screen shows it as a separate Cross Chain Swap Fee. Phantom names bridge providers (opens in a new tab) including LI.FI, Relay, deBridge and Garden, and picks the lowest-priced by default. Cross-chain and Robinhood Chain swaps may have a small minimum size, because fixed costs take a large share of tiny swaps.
• Market makers: under the same terms, Phantom may receive a fee from a market maker you choose to trade with, and the Swapper relies in part on exchanges or liquidity sources run by third parties.

You can pick the provider that routes your swap in the swap settings, and Phantom says providers differ in price (opens in a new tab). If you compare with a decentralized exchange used directly, check its fees and steps too. Before you confirm, read the Phantom fee, network fee and amount received, and compare them with the quote.

Example with made-up numbers

This example is made up. It uses invented tokens and no real price, and your screen may label and group these amounts differently.

• You swap 100 TUSD (a made-up stablecoin) for ZED (a made-up token).
• Phantom fee at 0.85% (Phantom's rate on most swaps as of October 2026): 0.85 TUSD, leaving 99.15 TUSD to trade.
• Price per ZED before your trade: 1.50 TUSD, so 99.15 TUSD would buy 66.1 ZED.
• Price impact of 10% (a thin market): you receive 59.49 ZED instead.
• You paid 100 TUSD for 59.49 ZED, or about 1.68 TUSD per ZED, against the 1.50 shown first.
• If the price moved more than your slippage limit (say 5%) before the swap ran, it would fail when the network processed it. You would still pay the network fee, made up here as 0.00005 SOL.

The gap between 1.50 and 1.68 comes mostly from price impact, not the fee, so a small token's thin market can cost more than the 0.85%. The sums work the same in any currency or token.

Why a Phantom swap failed or returned less

As of October 2026, Phantom's swap settings page (opens in a new tab) defines two terms. Price impact is how much your own trade moves the price, shown as a percentage and already reflected in the amount you receive. To reduce it, use a smaller amount or a token with more liquidity; raising slippage does not help. Slippage is the difference between the quoted price and the price at which your swap runs.

Phantom usually sets slippage automatically to the lowest value likely to succeed, which can still be high for volatile or low-liquidity pairs. You can set your own value from 0.1% to 30%. A low limit makes the swap fail if the price moves more; a high one lets it go through at a worse price.

Phantom names these causes (opens in a new tab) when a swap simulation fails: insufficient liquidity, token trading restrictions, or slippage that does not allow the swap to finish. A failure alone does not prove a token is malicious. A token may also have no usable liquidity or restrict selling, and a displayed price does not guarantee you can sell at that value. Phantom's low-liquidity article (opens in a new tab) says that if you find no active trading pool on several platforms, the token may no longer be tradable.

A transaction that fails after the network processes it still pays the network fee, with no refund, and Solana's documentation (opens in a new tab) says a failed Solana transaction is still charged. Before you try again, open History and the blockchain explorer: the first swap may be pending even if the app shows an error. For a cross-chain swap that is pending, do not submit it again.

Availability by country

As of October 2026, Phantom's terms (opens in a new tab) bar use by anyone in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan or the Russian-occupied regions of Donetsk, Luhansk or Crimea, and any other jurisdiction under comprehensive US embargo, UN Security Council or HM Treasury sanctions. They also say features and supported tokens may vary by jurisdiction, and that Phantom and the Swapper are not registered or licensed by the CFTC, the SEC or any other financial regulator.

Phantom's feature availability table (opens in a new tab) has no row for swaps, so the terms are the only country limits for swaps we found.

• United States: perps and tokenized stocks are not available. In March 2026 the CFTC gave Phantom no-action relief, according to Phantom's blog post (opens in a new tab), so it need not register as an introducing broker to offer access to regulated derivatives markets with registered partners. Phantom says the letter carries conditions. That is relief from registering, not a registration, and it is not about swaps.
• United Kingdom: perps and tokenized stocks are not available. To check a firm yourself, follow the registration check.
• EU and EEA: Phantom was not in ESMA's interim MiCA register (opens in a new tab) on 20 October 2026. That register lists crypto-asset service providers and their services, such as exchanging crypto-assets for other crypto-assets. A MiCA recital (opens in a new tab) says hardware or software providers of non-custodial wallets should not fall within MiCA. It speaks of wallet software, so it does not say whether a swap feature is covered. Phantom lists tokenized stocks as unavailable in some regions, including France, Germany and the Netherlands.
• Canada and Australia: Phantom's table does not list either among the exceptions, and no Phantom page we read names them. The app decides, so check it and your own financial regulator.

Elsewhere, check your own country's financial regulator before you use the feature.

Add Cash is a separate way to fund Phantom's Cash account, not part of a swap. Phantom's Cash pages (opens in a new tab) say you can fund through Stripe in the US (except New York) and the EU, or through other providers, and bank transfers are available in the US except New York through Bridge. Link runs the identity check.

Perps, prediction markets and tokenized stocks

None of these is a way to buy crypto.

• Perps: Phantom says (opens in a new tab) they involve leverage and you can lose all the margin committed to a position. They are not available in the US, the UK and other territories.
• Tokenized stocks: onchain tokens issued by third parties that track an underlying price, not actual shares, per Phantom (opens in a new tab). Not available in some regions, including the US, UK, France, Netherlands and Germany.
• Prediction markets: trades on the outcomes of real-world events. Phantom says (opens in a new tab) they are not available in all jurisdictions and publishes no country list.

Is Phantom swap safe? Security features and record

As of October 2026, Phantom says (opens in a new tab) it simulates every transaction before you sign, shows a plain-language preview and warns you if something looks suspicious. Its open-source blocklist (opens in a new tab) redirects the browser extension to a warning page for listed sites, with a link to continue anyway. Phantom also flags tokens that look misleading, unsafe or spam-like, and says a flag does not necessarily mean a token is malicious (Phantom's spam article (opens in a new tab)). Treat none of this as a guarantee. A documentation review cannot answer "is it safe" with a yes or no.

The record, in date order:

• June 2022: security firm Halborn disclosed (opens in a new tab) a flaw that could let browsers save a recovery phrase typed into a browser-extension wallet to disk unencrypted. It affected several wallets, and Halborn said it worked with Phantom and others to fix it. Phantom said (opens in a new tab) fixes began in January 2022 and users were protected by April.
• August 2022: wallets on Solana were drained. The Block reported (opens in a new tab) that Phantom found no evidence its systems were compromised, and Solana developers traced the incident to the Slope wallet app.
• November 2024: after an update, a small number of iOS users saw app resets, and Phantom said they could restore with their recovery phrase. The Block reported (opens in a new tab) that users without a backup lost access.
• April 2025: a lawyer and 13 other plaintiffs sued Phantom Technologies in New York federal court, alleging security flaws (opens in a new tab) let a hacker take tokens, and that the attacker used the built-in Swapper to sell them. Phantom denied wrongdoing. On 28 September 2026, Law360 reported (opens in a new tab) the judge ruled that the lawyer must arbitrate his claims. The report gives no ruling on the allegations.
• April 2026: a service outage (opens in a new tab) briefly stopped token prices and balances updating. Phantom said funds were safe and later said it was resolved. The outlet also reported that some users said on X they could not sell during the outage.

Searches of financial regulators' sites on 20 October 2026 found no enforcement action against Phantom Technologies, but a search cannot prove there is none.

Downsides to weigh

As of October 2026:

• The 0.85% Phantom fee comes on top of network fees, and Phantom may also earn from market makers.
• Phantom ended support for Monad on 26 August 2026 and Sui on 24 September 2026, so those assets can no longer be viewed, sent or swapped there. Phantom says the assets are not lost and stay on their own blockchains, reachable with a compatible wallet. Arbitrum, Optimism, Avalanche, Unichain and Linea are not supported either, per the supported networks page (opens in a new tab) (see also Monad (opens in a new tab) and Sui (opens in a new tab)).
• EVM gasless swaps delegate your account to a third-party smart contract, which Phantom says (opens in a new tab) could put assets at risk if compromised. Phantom says the delegation stays active until you remove it.
• Some features are blocked in some markets, as above.
• Support (opens in a new tab) is in-app chat and email tickets, in English, with no phone line.
• This review could not test a live swap or read the court order.

Risks to understand

You could lose all the money you swap. Besides fake tokens, covered above:

• A swap can be a taxable event. See when a sale or swap creates tax.
• Once a swap is confirmed on the blockchain, it cannot be undone (can crypto transactions be reversed).

Alternatives by type

Compare any option against the same eight checks.

• Another self-custody wallet with a swap feature: check its fee, networks and country limits.
• A decentralized exchange or aggregator used directly: you manage the steps and fees yourself.
• A centralized crypto exchange, where the company holds your coins. See the Kraken review and how to choose a crypto exchange.

Before your first swap, read how to check a token's contract address and how to buy Solana.